California dentists and dental practices may be eligible to participate in a new COVID-19-related tax initiative established by the state to aid small businesses.
Gov. Gavin Newsom launched the initiative to support small businesses amid new, stricter pandemic restrictions in the state. The Dental Board of California has encouraged licensed dentists to determine their eligibility for relief under the newly announced plans, which include tax extensions, grants, and low-interest loans.
The initiative foremost includes a directive by Newsom to provide an automatic three-month extension for taxpayers filing less than $1 million in sales tax on their return. Newsom also intends to expand the availability of existing interest- and penalty-free payment agreements to companies with up to $5 million in taxable sales.
The California Office of the Small Business Advocate (CalOSBA) also announced grants for small businesses that have been affected by the pandemic. Intermediary organizations and nonprofits with established networks are eligible to apply and distribute grants of up to $25,000 to underserved small businesses.
Finally, the governor opened the California Rebuilding Fund, making $25 million available to help small businesses rebuild in 2021. A third-party administrator will use the funds to help raise $125 million to provide low-interest loans to small businesses with less access to loans from traditional banking institutions.